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KS Energy, ICA sign MOA to provide drilling services in Mexico

08th October 2013

Two companies form joint venture to provide drilling services and heavy capital equipment for Mexico’s offshore oil and gas industry

KS Energy, ICA sign MOA to provide drilling services in Mexico
The jointly-owned company is expected to initially require two new high specification jack-up drilling rigs worth USD 240m each

A Singapore-based oilfield supply and services company on Tuesday announced it formed a joint venture with one of Mexico’s conglomerates in the construction and infrastructure markets to provide drilling services for the country’s offshore oil and gas exploration sector.

 

KS Energy and Empresas ICA signed a memorandum of agreement (MOA) whereby a company will be established to be jointly owned by ICA and KS Drilling Pte Ltd, an 80 per cent owned subsidiary of KS Energy. The joint venture will provide drilling services and heavy capital equipment for the offshore oil and gas exploration market in Mexico. 

 

By 2014, the jointly-owned company is expected to initially require two new high specification jack-up drilling rigs valued at approximately USD 240m each.

 

“This is only the start for our joint venture entity and a new milestone for KS Drilling,” said Kris Wiluan, CEO of KS Energy. “We are confident that there are many more opportunities where, together with ICA, we can offer our drilling capabilities to the oil and gas industry in Mexico.”

 

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